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Compound Interest and Depreciation

Compound Interest and Depreciation

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Question 23
(a).

Melvin invests £6000 in an account paying 2% compound interest per annum. Charlie invests £5000 in an account paying 1% compound interest per annum.

Work out the amount of money Melvin has after 4 years.

[2]
(b).

Work out the amount of money Charlie has after 4 years.

[2]
(c).

Hence work out the difference between the amount of money Melvin has after 4 years and the amount of money Charlie has after 4 years.

[1]
Markscheme

Compound Interest and Depreciation Questions

  1. GCSE
  2. /Maths
  3. /Compound Interest and Depreciation

163 exam-style questions on Eduqas GCSE Maths Compound Interest and Depreciation. Each one has a worked solution and a mark scheme showing where the marks go.

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